Business

Is a salary in Bitcoin such a good idea?

It is not often possible yet, but there are companies in the world that make it possible to pay salaries in Bitcoin instead of ‘regular’ money. Although that is very modern and can certainly work to your advantage, it can also turn out differently.

Bitcoin salary
If you follow the coin a bit, you know that it has taken quite a dip recently. Therein lies the problem with receiving your salary in such a decentralized currency: your salary is suddenly worth a lot less. In November Bitcoin was still worth more than 60,000 euros, but now it suddenly plunged to 28,822 euros. Then your salary is suddenly cut in half. Of course it can eventually rise again, but the salary fluctuates quite strongly in value.

It is also not the case that people often have their entire salary paid out in Bitcoin or another crypto. Often it is only part of it. On the day you get paid, your employer then sends that portion of your salary to a cryptocurrency exchange office and deposits it in your wallet. So it really depends on when your employer goes to the exchange office how much bitcoin you get for your euros.

Pizza chain Domino’s
In the Netherlands, pizza chain Domino’s is an example of an employer that offers its employees the option to be paid in crypto currency. This does not concern the entire amount, because that is not allowed by Dutch law in any case. Anything above the minimum wage can be converted directly into Bitcoin for your wallet, but in any case the minimum wage must simply be deposited in euros into your bank account.

It will probably also take a little longer to file your tax return, because of course you also have to state this income. Now that is probably quite simple once you understand how and what (or if you have it done by a specialist), but it is certainly something that needs extra attention, because it is not (yet) so obvious to to be paid for this cryptocurrency, or in crypto at all.

cryptocurrencies
You never really know for sure what those cryptocurrencies are going to do in the end, so it’s less clear what’s left of your paycheck. On the other hand, your salary can also grow enormously by investing at least part of it in cryptocurrencies. Some people are up for it, others prefer to receive their salary (for the time being) in rock-solid euros.

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